Charlotte-based Carolina Premier Bank announced today that it has agreed to buy two South Carolina branches in its first expansion into the state.
Pending regulatory approval, Carolina Premier would take over two branches from The Palmetto Bank, one in Rock Hill and one in Blacksburg. That would double the number of branches the bank operates.
Carolina Premier would assume all assets and liabilities of the two branches. The terms of the deal were not disclosed, but the bank said its assets after the deal would be about $250 million. Its assets currently are about $200 million.
Carolina Premier is a community bank serving individuals and businesses. It has two branches in south Charlotte, and is building a branch Uptown.
In the spring of 2011, it became a subsidiary of a Washington-based holding company in hopes of expansion.
In today's news release, CEO John Kreighbaum said the bank still has plans of becoming a regional bank in the Mid-Atlantic and Southeast regions, particularly the Washington, D.C., metro area.
Greenville, S.C.-based Palmetto Bancshares Inc., had previously announced its intentions to sell or consolidate four of its branches as part of its goal to return to profitability in 2012.
Rock Hill branch
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Blacksburg branch
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